- On August 25, FingerMotion held a conference call in which it provided updates on the progress of its Sapientus division, application to uplist to the NASDAQ, and more
- Hosted by FingerMotion CEO Martin Shen, the corporate update also included a review of the Q1 2022 results, which marked the fourth consecutive quarter of record revenue
- FingerMotion received its first comment letter from NASDAQ, to which it responded promptly and efficiently
- The company, in collaboration with its partners, has begun translating products under the Sapientus division into an actual operational pilot
- FNGR will hold an AGM in November
In July last year, FingerMotion (OTCQX: FNGR) launched Sapientus, its Big Data Insights arm and third operational division, built to deliver data-driven insights and solutions for companies and businesses in the insurance and financial services sectors (https://ibn.fm/fMJF6).
Since then, the division has grown in many ways. For instance, it witnessed two consecutive quarters of revenue generation during Q4 2021 and Q1 2022 and quarter-over-quarter revenue growth during the latter reporting period (https://ibn.fm/iPz2A). Additionally, earlier this year, FNGR reported an agreement between Sapientus and Pacific Life Re-Insurance to provide cutting-edge behavioral risk analytics for the insurance company (https://ibn.fm/xSnGM). So, what further progress has the division made since then?
In an August 25 conference call, whose recording is available on the company’s website (https://ibn.fm/BnQra), FingerMotion CEO Martin Shen sought to answer this question as part of a corporate update aimed at informing shareholders and the general public about FNGR’s progress thus far and outlook for the future. Included in the August 25 update were the strides the Sapientus division has made, progress on the application to uplist on NASDAQ, a review of the Q1 2022 results, and general announcements.
Firstly, Martin discussed the Q1 2022 results for the three months ended May 31, 2021. Pleased with all facets of the business as all facets were growing tremendously, he observed that Q1 2022 represented the company’s fourth consecutive quarter of record revenue, having recorded revenue of $6 million. According to Shen, FingerMotion is optimistic that it will be a profitable business “fairly soon” and has set its sights on higher-margin verticals.
Regarding its uplist application to the Nasdaq Capital Market, FNGR focused on “getting it right the first time” by meeting most of the objective criteria and parameters. “To further bolster our own confidence, we received our first comment letter from Nasdaq fairly quickly, meaning we had met most of the parameters in the first place,” Shen added.
The company brought in an independent advisory firm, which collaborated with its in-house counsel to issue an efficient, fast response to the comment letter. Shen was, however, quick to caution viewers on the need to keep their optimism in check, given that several other hurdles are yet to be surmounted. Still, he expressed his pride in his team’s work so far, further noting the company’s commitment to promptly and efficiently answering all questions NASDAQ’s examiners send.
“The launch of Sapietus marked a significant milestone for our journey because we moved away from being a top-up company to this dynamic technology solution provider and allowed us to expand our company and business into insurance and then the wider financial industry in general,” Shen described Sapientus.
He continued, “Our distinctive edge and what we do as Sapientus is our ability to integrate all these publicly available data into these proprietary risk matrices with behavioral indicators derived from event-driven or even contextual-based information.”
Shen pointed out that Sapientus, which prioritizes privacy protection, uses advanced algorithms to generate distributional statistics and categorical variables agnostic to individual identity. Crucially, though, the data only contains demographic markers. By providing the desired level of customer understanding through behavioral analytics, Sapientus aims to supply actionable intelligence and facilitate the efficient delivery of services to various players within the insurance industry.
Working with partners such as Pacific Life Re-Insurance, FingerMotion has begun translating its Sapientus-based products into an actual operational pilot that benefits the service providers and customers alike. For insurance companies, it will provide value, enhance efficiencies, and lower the cost-of-service delivery. At the same time, it will eliminate existing pain points insurance customers had. Shen also outlined future development plans for the Sapientus division.
Lastly, FingerMotion announced its AGM scheduled for November and will provide additional updates on this in due course.
For more information, visit the company’s website at www.FingerMotion.com.
NOTE TO INVESTORS: The latest news and updates relating to FNGR are available in the company’s newsroom at https://ibn.fm/FNGR
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